The "Eye of Idol" is a 70.21-carat diamond, reportedly worth over $27 million, and considered one of the largest cut blue diamonds in the world. Its dimensions are surprisingly petite, measuring only 2.6 cm long and 2.45 cm wide.
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03-04, 2025However, this diminutive, pale blue gem has become the focus of global news this week due to a fierce legal battle between two branches of the Qatari royal family over its ownership. A key question needs to be answered regarding this diamond, discovered in 1600 and passed through the hands of royalty, art collectors, sultans, and nobles: Will the "Eye of Idol" be sold?
When it comes to diamonds, few are more prized than those mined in the vicinity of Golconda Fort in India. The famous Hope Diamond, the Regent Diamond, the Koh-i-Noor Diamond, and the "Eye of Idol" all originate from the mines of this region. According to Christie's, this ruined city near Hyderabad was once the "thriving center" of the world's diamond industry.
Christie's writes: "'Golconda' is a name used in the jewelry trade to denote the finest quality diamonds in the world. These stones possess exceptional brilliance, transparency and inner purity." Golconda diamonds exhibit a higher degree of transparency, allowing light to pass "through the stone seemingly unimpeded."
By the 17th century, the diamond industry was booming. It was during this time, with thousands of workers searching for precious stones, that the "Eye of Idol" was first discovered. Though lacking supporting evidence, according to the Antique Jewelry University, the diamond is shrouded in various tales of idol worship, theft, kidnapping, and debt collection. The "Eye of Idol" was said to have been owned by a Persian prince and later seized to settle a debt.
Its first documented appearance was at a Christie's auction in London in 1865. From there, according to Christie's, it made its way to Abdul Hamid II, the 34th Sultan of the Ottoman Empire, until his overthrow. "To transport his jewels safely, the servant entrusted with the ‘Eye of Idol’ stole it," the auction house stated.
The diamond was subsequently auctioned in Paris before being acquired by a Spanish nobleman, and then by Harry Winston, the "King of Diamonds," in 1946. It was set in the center of a necklace composed of 152 diamonds and passed through more hands over the following decades, eventually being acquired by Sheikh Saud bin Mohammed Al Thani sometime after 2001. And this is where our legal dispute begins.
Sheikh Saud, a Qatari prince, Minister of Culture, Arts and Heritage, and an avid art collector, loaned the diamond to his distant cousin in early 2014. This cousin, Sheikh Hamad bin Abdullah Al Thani, is the CEO of the private investment company Qipco Holdings. Elanus Holdings, a company associated with Sheikh Saud, loaned the diamond to Qipco for 20 years.
Qipco had the right to purchase the "Eye of Idol" for $10 million ($15.81 million) or the average valuation given by two major auction houses if Elanus wanted to sell. Sheikh Saud passed away in late 2014. His family repeatedly discussed a potential sale of the diamond to settle debts, but according to documents from the High Court in London, the discussions "came to nothing." His son, Sheikh Hamad bin Saud Al Thani, considered selling the diamond again in early 2020.
He told the court: "I thought at the time that if I could find something that excited me and my family, they might be persuaded to consider selling the ‘Eye of Idol’ to fund the purchase of the new asset." Dieter Neupert, a lawyer based in Switzerland, was asked to provide a sales contract. Court documents show that Dr. Neupert informed Qipco in February 2020 that the family wished to sell the "Eye of Idol."
Sheikha Sarah bint Saud Al Thani, Sheikh Saud's daughter, said she first heard about the proposed sale in March. "She said that she was shocked to learn of this," Deputy High Court Judge Simon Birt said in his findings. "She told (her mother) that she said... the family had never discussed selling the diamond and that she would never agree to or be happy with its sale."
Dr. Neupert contacted Qipco to withdraw. He told the company that the "current crisis" of the COVID-19 pandemic meant that there was no market for the diamond and no valuation. The family would not sell. Meanwhile, Qipco had been in contact with Christie's to obtain a formal valuation from the auction house—which eventually provided an estimated auction value of between $7 million and $10 million. It told Elanus to provide its own valuation so that the sale could proceed.
The matter eventually ended up in the High Court in London, with an eight-day trial held last November. Elanus argued that the Swiss lawyer was not acting on behalf of the organization—and that, in any event, it had withdrawn any "intention" to sell. Judge Birt said: "Furthermore, it is clear... that even if (Sheikh Saud's son) had an 'intention' to sell the diamond which was attributable to Elanus, there was no longer any such intention (by April)."
"Once Sheikha Sarah discovered that a sale of the diamond was being proposed and she in turn informed Sheikha Amna, it is clear that they were both upset by the situation. Sheikha Amna because she simply did not want it to be sold and Sheikha Sarah principally because (her brother) had taken the action without consulting the other members of the family. They both made their feelings very clear."
The High Court ultimately dismissed the case on Thursday local time—Elanus cannot be forced to sell the "Eye of Idol."
